Smoothies Market To Rise At Modest Growth With CAGR And Revenue Till 2030
Posted by Mrudula Karmarkar on September 9th, 2022
The global smoothies market size is expected to reach USD 12.42 billion by 2028, registering a CAGR of 9.3% during the forecast period from 2022 to 2028, according to a new report by Grand View Research, Inc. This can be attributed to the growing consumption of healthy beverages from emerging economy such as China and India. Moreover, the market is expected to witness a strong growth scenario, owing to the change in lifestyle and food consumption habits over the forecast period.
UK government has taken initiatives and reforms in health policies which led to a significant impact on the market. UK government had launched healthy eating recommendations for the citizens. Eatwell Guide (The U.K.) had revealed that the 150 ml consumption of fruit-based smoothies on daily basis reduces the risk of tooth decay. These initiatives are aimed at generating awareness in the citizens to consume fruit-based smoothies, which in turn will drive the industry demand.
The outbreak of COVID-19 had positive impact on the global smoothies market. With the spread of infection, consumers turned towards healthy and nutritious beverage products to stay healthy and safe. The smoothies experienced increase in demand due to the high nutritious, low calorie, and high protein content it offers. Additionally, due to pandemic consumer’s inclination towards stockpiling comfort food including smoothies increased significantly. On the other side the lockdown has slowed down the supply chain as restaurants and smoothie bars were closed. The supply chain disruption had impacted on the market growth during the financial year 2020 - 2021.
The rising demand for dairy-based product such as carameal macchitao and the gladiator flavor of coffee are anticipated to boost the market growth. The dairy product is majorly consumed to fulfil the demand of proteins and vitamins. The key players of smoothies are procuring innovative products which consist of natural taste of the fruits along with dietary fiber content. At present, key players are focusing to procure fat-free smoothies product in order to maintain healthy diet. Hence, smoothies market is expected to showcase growth during the forecast period.
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Fruit-based segment contributed to the highest share of over 50% in the global market revenue in 2021. Rising investment in the food & beverages sector by various companies is propelling the market growth. Moreover, the growing need to reduce sugar cravings and the rising fitness concern among consumers to maintain healthy lifestyle will augment the sales of fruit-based product during the forecast period. North America dominated the industry with a revenue share of over 35% in 2021. The growing adoption of smoothies in the U.S. to maintain body metabolism is further propelling the market growth. The increasing disposable income of developed countries to consume healthy beverages is a major factor to aid market growth. The key players located in the U.S. and Canada are providing the smoothies at economical rate that reward the healthy lifestyle of consumers.
Smoothies Market Report Highlights
During the COVID-19 era, the increased focused to maintain physical fitness is a major factor to propel the market growth. However, lockdown has slowed down the supply chain as restaurants and smoothie bars were closed. The supply chain disruption had affected on the market growth during the financial year 2020-2021.
The growing popularity of dairy-based smoothies to accomplish the demand of essential proteins and vitamins are the major factors driving the market growth. Moreover, the rising demand for high dietary fiber beverages in developed countries are anticipated to foster the business growth. Rising demand to procure affordable non-alcoholic beverages are the upcoming opportunities for the market. However, higher maintenance cost is required to adopt cold storage system to improve the life span of smoothies which in turn will hold the market growth.
Companies' main focus is on innovating new beverages to meet the rising smoothies demand. However, implementing sustainability has its unique challenges and limitations. Multiple companies are targeting on the expansion and launches of sugar-free products in the market. In February 2022, Smoothie King partnered with HungerRush to use its platform OrderAI. The main aim of partnership was to demonstrate its willingness to invest in new technology to gain more profitability and sales for its franchisees.Some of the key players operating in the global smoothies market are:
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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